A Business at a Glance
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Table of Contents SUMMARY RISK FACTORS Our business is subject to numerous risks and uncertainties, including those described in Part I, Item 1A. “Risk Factors” in this Annual Report on Form 10-K. You should carefully consider these risks and uncertainties when investing in our Class A common stock. The principal risks and uncertainties affecting our business include the following: •Our ability to execute our strategy and manage our growth effectively (including our ability to successfully integrate strategic acquisitions); •Our ability to retain and expand our member base; •Our ability to accurately estimate our incurred medical expenses or overall market morbidity, or effectively manage our medical costs or related administrative costs; •Unanticipated results of, or changes to, risk adjustment programs or our estimates thereof; •Evolving federal or state laws or regulations (including any changes in the interpretation or enforcement of existing laws and regulations), including change
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 11.7B | 11.7B | 9.2B | 5.9B | 4.0B | 1.8B |
| Net Income | -443M | -443M | 25M | -271M | -606M | -573M |
| EPS | $-1.69 | $-1.69 | $0.10 | $-1.22 | $-2.85 | $-3.20 |
| Free Cash Flow | 1.1B | 1.1B | 950M | -298M | 351M | -208M |
| ROIC | -5.0% | -32.6% | 1.9% | -24.6% | -51.0% | -12.9% |
| Gross Margin | -3.4% | -3.4% | 0.6% | -4.0% | -14.9% | -29.6% |
| Debt/Equity | 0.44 | 0.44 | 0.30 | 0.37 | 0.33 | 0.00 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -396M | -396M | 57M | -236M | -590M | -544M |
| Operating Margin | -3.4% | -3.4% | 0.6% | -4.0% | -14.9% | -29.6% |
| ROE | -45.3% | -44.5% | 2.5% | -33.7% | -68.1% | -1253.8% |
| Shares Outstanding | 262M | 262M | 254M | 222M | 213M | 179M |
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 488M | 463M | 1.8B | 4.0B | 5.9B | 9.2B | 11.7B | 11.7B |
| Gross Margin | -53.1% | -86.9% | -29.6% | -14.9% | -4.0% | 0.6% | -3.4% | -3.4% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 111M | 167M | 265M | 310M | 1.4B | 1.8B | 2.0B | 2.0B |
| EBIT | -259M | -402M | -544M | -590M | -236M | 57M | -396M | -396M |
| Op. Margin | -53.1% | -86.9% | -29.6% | -14.9% | -4.0% | 0.6% | -3.4% | -3.4% |
| Net Income | -261M | -414M | -573M | -606M | -271M | 25M | -443M | -443M |
| Net Margin | -53.5% | -89.5% | -31.1% | -15.3% | -4.6% | 0.3% | -3.8% | -3.8% |
| Non-Recurring | 481K | 1.2M | 209K | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | N/A | -14.0% | -12.9% | -51.0% | -24.6% | 1.9% | -32.6% | -5.0% |
| ROE | N/A | N/A | -1253.8% | -68.1% | -33.7% | 2.5% | -44.5% | -45.3% |
| ROA | N/A | -36.3% | -20.5% | -13.4% | -7.5% | 0.5% | -7.9% | -7.0% |
| Cash Flow | ||||||||
| Op. Cash Flow | -165M | 223M | -182M | 380M | -272M | 978M | 1.1B | 1.1B |
| Free Cash Flow | -191M | 209M | -208M | 351M | -298M | 950M | 1.1B | 1.1B |
| Owner Earnings | -206M | 176M | -283M | 253M | -463M | 836M | 978M | 978M |
| CapEx | 26M | 14M | 26M | 29M | 26M | 28M | 36M | 36M |
| Maint. CapEx | 6.9M | 11M | 15M | 15M | 31M | 32M | 29M | 29M |
| Growth CapEx | 19M | 2.7M | 11M | 14M | 0 | 0 | 7.5M | 7.5M |
| D&A | 6.9M | 11M | 15M | 15M | 31M | 32M | 29M | 29M |
| CapEx/OCF | N/A | N/A | N/A | 7.6% | N/A | 2.9% | 3.3% | 3.3% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 3.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 34M | 36M | 86M | 112M | 160M | 110M | 88M | 88M |
| Debt Repayment | 0 | 0 | 153M | 0 | 0 | 0 | 23M | 23M |
| Balance Sheet | ||||||||
| Net Debt | -337M | -1.4B | -2.5B | -2.7B | -2.3B | -1.9B | -3.6B | -2.3B |
| Cash & Equiv. | 337M | 826M | 1.1B | 1.6B | 1.9B | 1.5B | 2.8B | 2.8B |
| Long-Term Debt | 0 | 142M | 0 | 298M | 299M | 300M | 430M | 430M |
| Debt/Equity | N/A | -0.11 | 0.00 | 0.33 | 0.37 | 0.30 | 0.44 | 0.44 |
| Interest Coverage | N/A | -114.5 | -115.4 | -26.1 | -9.6 | 2.4 | -22.5 | -22.5 |
| Equity | 0 | -1.3B | 1.4B | 890M | 804M | 1.0B | 978M | 978M |
| Total Assets | N/A | 2.3B | 3.3B | 4.5B | 3.6B | 4.8B | 6.3B | 6.3B |
| Total Liabilities | 7.5M | 1.8B | 1.9B | 3.6B | 2.8B | 3.8B | 5.3B | 5.3B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | -1.4B | -2.0B | -2.6B | -2.9B | -2.9B | -3.3B | -3.3B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||||
| EPS | -9.06 | -14.16 | -3.20 | -2.85 | -1.22 | 0.10 | -1.69 | -1.69 |
| Owner EPS | -7.14 | 6.00 | -1.58 | 1.19 | -2.08 | 3.29 | 3.73 | 3.73 |
| Book Value | 0.00 | -44.30 | 7.75 | 4.19 | 3.62 | 3.99 | 3.73 | 3.73 |
| Cash Flow/Share | -5.74 | 7.61 | -1.02 | 1.79 | -1.23 | 3.85 | 4.18 | -1.58 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 28.8M | 29.3M | 178.9M | 212.7M | 221.9M | 254.3M | 262.2M | 262.2M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 138.0 | N/A | -9.0 |
| P/FCF | N/A | N/A | N/A | 1.3 | N/A | 3.7 | 3.7 | 3.8 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 39.8 | N/A | N/A |
| Price/Book | N/A | N/A | 1.0 | 0.5 | 2.6 | 3.5 | 4.0 | 4.1 |
| Price/Sales | N/A | N/A | N/A | N/A | N/A | 204.8 | N/A | 0.3 |
| FCF Yield | N/A | N/A | -14.4% | 76.8% | -14.4% | 27.1% | 27.1% | 26.4% |
| Market Cap | 0 | N/A | 1.4B | 457M | 2.1B | 3.5B | 3.9B | 4.0B |
| Avg. Price | 0.00 | N/A | 19.29 | 5.74 | 6.29 | 16.57 | 15.90 | 15.29 |
| Year-End Price | 0.00 | N/A | 8.07 | 2.15 | 9.32 | 13.80 | 14.91 | 15.29 |
Oscar Health, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 3.8x vs a median of 3.7x. At current prices, the estimated annualized return to fair value is +78.8%.
Oscar Health, Inc. (OSCR) has a 5-year average return on invested capital (ROIC) of -23.8%. This is below average and may indicate limited pricing power.
Oscar Health, Inc. (OSCR) has a market capitalization of $4.0B. It is classified as a mid-cap stock.
Oscar Health, Inc. (OSCR) does not currently pay a regular dividend.
Oscar Health, Inc. (OSCR) operates in the Hospital & Medical Service Plans industry, within the Financials sector.
Oscar Health, Inc. (OSCR) reported annual revenue of $11.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Oscar Health, Inc. (OSCR) has a net profit margin of -3.8%. The company is currently unprofitable.
Oscar Health, Inc. (OSCR) generated $1.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Oscar Health, Inc. (OSCR) has a debt-to-equity ratio of 0.44. This indicates a conservatively financed balance sheet.
Oscar Health, Inc. (OSCR) reported earnings per share (EPS) of $-1.69 in its most recent fiscal year.
Oscar Health, Inc. (OSCR) has a return on equity (ROE) of -44.5%. A negative ROE may indicate losses or negative equity.
Oscar Health, Inc. (OSCR) has a 5-year average gross margin of -10.3%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 7 years of financial data for Oscar Health, Inc. (OSCR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Oscar Health, Inc. (OSCR) has a book value per share of $3.73, based on its most recent annual SEC filing.